Covington Capital Management Sells 100 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Posted by Defense World Staff on Mar 15th, 2023

Covington Capital Management cut its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH – Get Rating) by 6.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,500 shares of the semiconductor company’s stock after selling 100 shares during the quarter. Covington Capital Management’s holdings in Enphase Energy were worth $416,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ENPH. GHP Investment Advisors Inc. bought a new stake in shares of Enphase Energy in the second quarter worth about $26,000. Thompson Siegel & Walmsley LLC bought a new stake in shares of Enphase Energy in the third quarter worth about $28,000. KB Financial Partners LLC bought a new stake in shares of Enphase Energy in the first quarter worth about $28,000. Hanseatic Management Services Inc. bought a new stake in shares of Enphase Energy in the third quarter worth about $34,000. Finally, Private Trust Co. NA increased its holdings in shares of Enphase Energy by 294.1% in the third quarter. Private Trust Co. NA now owns 134 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 100 shares during the last quarter. 73.79% of the stock is owned by institutional investors.

Insider Activity at Enphase Energy

In related news, Director Richard Mora sold 4,500 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $214.62, for a total value of $965,790.00. Following the transaction, the director now directly owns 1,600 shares of the company’s stock, valued at approximately $343,392. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Richard Mora sold 4,500 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $214.62, for a total value of $965,790.00. Following the transaction, the director now directly owns 1,600 shares of the company’s stock, valued at approximately $343,392. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David A. Ranhoff sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $203.25, for a total value of $1,524,375.00. Following the completion of the transaction, the executive vice president now directly owns 97,102 shares in the company, valued at $19,735,981.50. The disclosure for this sale can be found here. 4.80% of the stock is owned by insiders.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $213.01 on Wednesday. The business’s fifty day simple moving average is $221.29 and its 200-day simple moving average is $267.24. The company has a market cap of $29.08 billion, a PE ratio of 76.90, a PEG ratio of 1.18 and a beta of 1.49. The company has a current ratio of 3.55, a quick ratio of 3.31 and a debt-to-equity ratio of 1.45. Enphase Energy, Inc. has a 12-month low of $128.67 and a 12-month high of $339.92.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ENPH. Scotiabank began coverage on Enphase Energy in a research note on Thursday, March 2nd. They set a “sector outperform” rating and a $300.00 price objective on the stock. Janney Montgomery Scott raised Enphase Energy from a “neutral” rating to a “buy” rating and set a $282.00 price objective on the stock in a research note on Monday, February 27th. Deutsche Bank Aktiengesellschaft reduced their price objective on Enphase Energy from $330.00 to $285.00 and set a “buy” rating on the stock in a research note on Tuesday, January 17th. Wells Fargo & Company boosted their price objective on Enphase Energy from $326.00 to $379.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Finally, Northland Securities raised Enphase Energy from a “market perform” rating to an “outperform” rating and set a $365.00 price objective on the stock in a research note on Monday, December 19th. Seven research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, Enphase Energy has a consensus rating of “Moderate Buy” and an average target price of $306.20.

About Enphase Energy

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Enphase Energy, Inc is a global energy technology company, which engages in the design, development, manufacture, and sale of micro inverter systems for the solar photovoltaic industry. The firm’s products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories and Enlighten & Apps.